Black Canyon (BCA) Corporate presentation summary

Corporate overview and capital structure

• Share price at A$0.35 with 162.2 million shares on issue and a market cap of A$56.7 million as of July 2026.

• Cash position of A$10.1 million as of March 2025, with enterprise value at A$46.5 million.

• Board includes experienced directors and a supportive institutional shareholder base.

• Research coverage from multiple brokers and funds, including Perennial, Lowell, and Cranport.

Exploration achievements and resource growth

• Seven manganese discoveries since May 2021 IPO, with the largest Mn resources in Western Australia.

• Global Balfour Manganese Field (BMF) Mineral Resource Estimate totals 315Mt at 10.5% Mn, with 87% in Measured & Indicated categories.

• Multiple high-grade discoveries at Wandanya, with over 3km strike defined and open in several directions.

• Positive scoping studies completed on Flanagan Bore, KR1, and KR2 deposits.

Wandanya project highlights

• Greenfields discovery with high-grade manganese and iron, grades up to 60.9% Mn and 66.3% Fe.

• Significant drill intersections include 10m @ 35.8% Mn and 17m @ 59% Fe, with mineralisation open along a 9km corridor.

• Metallurgical testwork upgrades Mn feed grades to over 45% and produces a 74% lump iron ore product at 59.7% Fe.

• Project is amenable to low-cost open pit mining and simple processing for DSO or beneficiation.